President of India Backed Company Bets Big on Solar with Rs 3,294 Crore Uttar Pradesh Project
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State-run energy major GAIL (India) Ltd accelerates its green transition with a massive Rs 3,294 crore solar bet in Uttar Pradesh.
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GAIL (India) Ltd has announced plans to set up a 600 MW greenfield Solar power project in Uttar Pradesh, marking a significant step in the company’s renewable energy expansion strategy.
The company currently operates a modest solar capacity of around 29 MW, which is running at full capacity utilisation. The proposed addition represents a substantial scale-up as GAIL (India) Ltd seeks to diversify its energy portfolio beyond natural gas.
The upcoming project will also include a co-located battery energy storage system (BESS) of 550 MWh, aimed at enhancing grid stability and ensuring efficient power management. The integration of storage solutions reflects a growing industry focus on addressing intermittency in renewable energy generation.
The total investment for the project is estimated at Rs 3,294.86 crore, including interest during Construction (IDC), Taxes and associated expenditure. The company plans to finance the project through a mix of debt and equity.
GAIL (India) Ltd expects to complete the project within 15 months from the award of the engineering, procurement and construction (EPC) contract. The move aligns with GAIL (India) Ltd’s broader strategy to drive business growth while adapting to the evolving energy landscape. With increasing policy support and demand for clean energy, the company’s investment signals a long-term commitment to sustainability and energy transition.
About GAIL (India) Ltd
GAIL (India) Ltd, incorporated in 1984, is a leading integrated natural gas company in India. Over the years, GAIL has developed a strong presence across the natural gas value chain, including transmission, gas processing, and downstream petrochemicals that use natural gas as a primary input.
In addition to its core businesses, GAIL has interests in the Liquefied Natural Gas (LNG) sector through Petronet LNG Ltd (PLL) and Konkan LNG Private Limited (KLPL), and participates in city gas distribution projects in India, including Mahanagar Gas Ltd (MGL) and Indraprastha Gas Ltd (IGL). The company also has an international presence through Natgas and Fayum Gas in Egypt.
GAIL (India) Ltd Share Price Performance
On Monday, GAIL (India) Ltd share price closed at Rs 153.71, declining by 0.37 or 0.24 per cent.
The stock has remained under pressure, with a decline of 10.59 per cent on a year-to-date basis and 10.56 per cent over the past year.
Disclaimer: The article is for informational purposes only and not investment advice.